Acelity ditches plans for IPO

1of2Joe Woody, CEO and president of San Antonio wound-care company Acelity LP Inc., said the repayment of debt bolsters the company’s balance sheet.Photo: Courtesy photo

2of2Acelity, the San Antonio wound-care company, may be going public again, according to a report by Bloomberg. Pictured is the company’s headquarters.Photo: Acelity

San Antonio-based Acelity — a global wound-care and regenerative-medicine company — has scrapped plans for an initial public offering.

Acelity Holdings Inc. said it decided to shelve the IPO “in light of current public market conditions,” according to a filing with the Securities and Exchange Commission late Wednesday afternoon.

In a statement, Acelity CEO and President Joseph Woody said, “We have recently completed significant refinancing of long term debt which enables us to be patient as we execute on this long term strategy. The IPO market in the U.S. has been challenging over the past year and the SEC asked us to withdraw our IPO registration statement as an administrative matter.

“We will continue to evaluate opportunities to approach the IPO market as it evolves,” he added.

It has been nearly 16 months since Acelity Holding filed the paperwork to go public. Almost three months after it filed the August 2015 registration statement detailing the offering, Acelity filed an amendment saying it was seeking to raise as much as $1 billion. The initial figure was $100 million.

Under the IPO, Acelity Holdings was slated to replace Acelity LP as the holding company for the wound-care and regenerative-medicine businesses. The company owns Kinetic Concepts Inc., which specializes in negative-pressure wound therapy; KCI subsidiary Systagenix Wound Management Ltd., a maker of wound dressings; and LifeCell Corp., which makes products used in breast construction and hernia repair.